Vienna, February 10 (MTI) – Chief Executive Officer Karl Sevelda of Austria’s Raiffeisen Bank International said in Vienna on Tuesday that the bank will close some branches in Hungary and focus more on corporate clients and premium private clients.

The Hungarian market is far too important to give up and Raiffeisen plans to continue its operations in Hungary as a rationalised universal bank, he added.

Raiffeisen decided to take a number of measures to improve its capital positions, including selling Polish and Slovenian subsidiaries and reducing or stopping US and Asian operations. At the same time, the bank plans to expand in the Austrian, Slovak, Romanian, Czech and Balkan markets.

The bank said late on Monday that it will “optimise” its business in Hungary.

“In Hungary further optimisation of the operation will be undertaken,” RBI said in an announcement released with its preliminary results for last year.

In the same announcement, RBI said it will reduce its exposure to the Russian market.


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